When GST comes, petrol 75 and diesel will be Rs 68 - SBI report


Posted on 6th Mar 2021 02:59 pm by rohit kumar

Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.

 

Petrol and diesel fall in GST, 0.4% loss to GDP

 

Did you know?Explore Trending and Topic pages for more stories like this.

Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.

 

Saudi Arabia turned down India's request

 

Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.

 

Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.

2 Like 0 Dislike
Previous news Next news
Other news

The world is angry then why did Chinese Foreign Minister Wang Yi go to Kabul to meet the Taliban

Chinese Foreign Minister Wang Yi has suddenly reached Afghanistan after Pakistan. Wang Yi arrived

Weather Update Today: The mood of the weather will change during scorching heat, rain is expected in these states, know- the latest updates

The people of Delhi-NCR, who have been facing the scorching heat and heatwave in the last few day

Japan Earthquake: R actor Jr NTR narrowly escaped, and left Japan for India a few hours before the earthquake

The new year 2024 brought terrible devastation for Japan. On January 1, several consecutive after

'Killer Miller' returns to form ahead of the T20 World Cup 2026, smashing a blistering half-century with a flurry of fours and sixes.

Considered one of the world's best match-finishers, David Miller has returned to form ahead of th

GST: The price of curd, and lassi will increase from July 18, treatment will be expensive, but these goods will be cheap

Amidst rising inflation, the prices of packaged and labeled curd, paneer, lassi, and essential it

What did Biden say on China that the White House had to clarify

US President Joe Biden has said that the US will defend Taiwan if China attacks Taiwan. President

Pooja Khedkar: Pistol and cartridges seized from Pooja Khedkar's mother's house, father gets conditional bail from court

The troubles of trainee IAS Pooja Khedkar, who is surrounded by controversies, are not decreasing

Exclusive: Corona infected three times, yet antibodies were not made, five cases were reported in Agra

In the first and second waves of the coronavirus in Agra, five such cases were found, which were

America returned 307 antiquities to India, smuggled after theft

Antiquities Returns: The heritage stolen from India years ago has now returned to the country. Sh

US President Warns On Ukraine Crisis, Putin's Nuclear Threat Is No Joke; i know them well

Russia-Ukraine Conflict: America is keeping its eye on Russia and Ukraine crisis. America is givi

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash